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Ameritrade, TD Waterhouse In Talks About A Possible Merger; Industry Is Consolidating Fast; E-Trade/TD almost merged last year; ET sought merger with Ameritrade last month.(INTERNET & TECHNOLOGY)

Investor's Business Daily

| June 01, 2005 | COPYRIGHT 2005 Investor's Business Daily, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: BRIAN DEAGON

Ameritrade and TD Waterhouse USA said Tuesday the two online stock-trading firms are discussing a "potential transaction" that analysts say could lead to a $2.5 billion-$4 billion merger.

Such speculation has hovered in the industry since last year, say analysts, when merger talks between E-Trade and TD Waterhouse collapsed over control issues.

Then, three weeks ago, E-Trade made a $6 billion offer to acquire Ameritrade. E-Trade made the offer in a letter to Ameritrade's board, but directors said the company wasn't for sale.

An E-Trade spokeswoman said the company had no comment on the Ameritrade/TD Waterhouse announcement or on whether it might make a counter offer. Shares of Ameritrade rose 3.3% to a more than one-year high of 14.86. Shares of E-Trade and TD Waterhouse's parent both rose more than 2%.

Industry leaders have been eyeing mergers as a way to fight intense price wars that have lowered the average cost of online trades to about $12 from $30 a few years ago.

That has cut profit margins and led companies to offer better services and unique products as a way to attract and retain customers.

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